Within the next 15 years, almost all of the 6 million Australians who make up the “baby boomer” generation will reach or be well into their retirement. The vast majority will not be wealthy enough to get by without an income unless they sell the equity in their home and move into some form of retirement accommodation.

The sector is set to boom in coming years and the small cap equities fund managers at UBS are already buying in.

Not that the sector has been an easy one for investors. One of Australia’s largest retirement village operators, Aveo Group, shed 15.2 per cent of its value last month after a Fairfax/Four Corners investigation revealed many disgruntled current and former residents, who claim they were exploited.

Most other large ASX-listed operators are trading well below their 2016 highs.